Saudi's Ma’aden turns to profits of nearly $533mln in H1-21

Revenues increased by 37.9% to $3.08bln in H1-21 from $2.23bln in H1-20

  
A Saudi labourer walks at Maaden Aluminium in Ras Al Khair, Saudi Arabia May 22, 2016.

A Saudi labourer walks at Maaden Aluminium in Ras Al Khair, Saudi Arabia May 22, 2016.

REUTERS/Faisal Al Nasser
Riyadh – Saudi Arabian Mining Company (Ma’aden) recorded net profits after Zakat and tax worth SAR 1.86 billion in the first half (H1) of 2021, versus losses of SAR 787.39 million in H1-20.

Earnings per share stood at SAR 1.52 in H1-21, against a loss per share of SAR 0.63 in H1-20, according to the financial results on Wednesday.

Revenues increased by 37.9% to SAR 11.55 billion in H1-21 from SAR 8.37 billion in H1-20.

As for the second quarter (Q2) of 2021, Ma’aden also turned profitable at SAR 1.1 billion, versus net losses of SAR 434.14 million in Q2-20.

Revenues surged by 51.9% to SAR 6.1 billion in Q2-21 from SAR 4.01 billion in Q2-20.

On a quarterly basis, the net profits in Q2-21 were 45% higher than SAR 761.15 million in Q1-21, and the revenues grew by 11.9% from SAR 5.44 billion.

Source: Mubasher

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